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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of assets measured at fair value on a recurring basis |
June 30, 2020 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency |  | $ | — |  | $ | 78,935 |  | $ | — |  | $ | 78,935
Municipal |  |  | — |  |  | 198,310 |  |  | — |  |  | 198,310
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  |  | — |  |  | 216,869 |  |  | — |  |  | 216,869
Agency commercial |  |  | — |  |  | 138,149 |  |  | — |  |  | 138,149
Corporate |  |  | — |  |  | 69,090 |  |  | — |  |  | 69,090
Equity securities with readily determinable fair values |  |  | 3,263 |  |  | — |  |  | — |  |  | 3,263
Mortgage servicing rights |  |  | — |  |  | — |  |  | 5,839 |  |  | 5,839
Derivative financial assets |  |  | — |  |  | 22,965 |  |  | — |  |  | 22,965
Derivative financial liabilities |  |  | — |  |  | 24,639 |  |  | — |  |  | 24,639
December 31, 2019 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency |  | $ | — |  | $ | 49,615 |  | $ | — |  | $ | 49,615
Municipal |  |  | — |  |  | 133,738 |  |  | — |  |  | 133,738
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  |  | — |  |  | 200,678 |  |  | — |  |  | 200,678
Agency commercial |  |  | — |  |  | 134,954 |  |  | — |  |  | 134,954
Corporate |  |  | — |  |  | 73,419 |  |  | — |  |  | 73,419
Equity securities with readily determinable fair values |  |  | 3,241 |  |  | — |  |  | — |  |  | 3,241
Mortgage servicing rights |  |  | — |  |  | — |  |  | 8,518 |  |  | 8,518
Derivative financial assets |  |  | — |  |  | 8,642 |  |  | — |  |  | 8,642
Derivative financial liabilities |  |  | — |  |  | 9,318 |  |  | — |  |  | 9,318
Schedule of quantitative information about the unobservable inputs used in recurring Level 3 fair value measurements | The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):
June 30, 2020 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 5,839 |  | Discounted cash flows |  | Constant pre-payment rates (CPR) |  | 7.0% to 77.3% (16.5%)
|  |  |  |  |  |  | Discount rate |  | 9.0% to 11.0% (9.0%)
December 31, 2019 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 8,518 |  | Discounted cash flows |  | Constant pre-payment rates (CPR) |  | 7.0% to 68.5% (12.3%)
|  |  |  |  |  |  | Discount rate |  | 9.0% to 11.0% (9.0%)
Summary of assets measured at fair value on a nonrecurring basis |
June 30, 2020 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Loans held for sale |  | $ | — |  | $ | 25,934 |  | $ | — |  | $ | 25,934
Collateral-dependent impaired loans |  |  | — |  |  | — |  |  | 12,204 |  |  | 12,204
Bank premises held for sale |  |  | — |  |  | — |  |  | 121 |  |  | 121
Foreclosed assets |  |  | — |  |  | — |  |  | 4,450 |  |  | 4,450
December 31, 2019 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Loans held for sale |  | $ | — |  | $ | 4,531 |  | $ | — |  | $ | 4,531
Collateral-dependent impaired loans |  |  | — |  |  | — |  |  | 15,811 |  |  | 15,811
Bank premises held for sale |  |  | — |  |  | — |  |  | 121 |  |  | 121
Foreclosed assets |  |  | — |  |  | — |  |  | 5,099 |  |  | 5,099
Schedule of quantitative information about the unobservable inputs used in non-recurring Level 3 fair value measurements | The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands):
June 30, 2020 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent impaired loans |  | $ | 12,204 |  | Appraisal of collateral |  | Appraisal adjustments |  | Not meaningful
Bank premises held for sale |  |  | 121 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
Foreclosed assets |  |  | 4,450 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
December 31, 2019 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent impaired loans |  | $ | 15,811 |  | Appraisal of collateral |  | Appraisal adjustments |  | Not meaningful
Bank premises held for sale |  |  | 121 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
Foreclosed assets |  |  | 5,099 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
Summary information on the carrying amounts and estimated fair values of the Company’s financial instruments |
|  | Fair Value |  | June 30, 2020 |  | December 31, 2019
|  | Hierarchy |  | Carrying |  | Estimated |  | Carrying |  | Estimated
|  | Level |  | Amount |  | Fair Value |  | Amount |  | Fair Value
|  |  |  |  | (dollars in thousands)
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Level 1 |  | $ | 314,365 |  | $ | 314,365 |  | $ | 283,971 |  | $ | 283,971
Interest-bearing time deposits with banks |  | Level 1 |  |  | — |  |  | — |  |  | 248 |  |  | 248
Debt securities held-to-maturity |  | Level 2 |  |  | 73,823 |  |  | 78,317 |  |  | 88,477 |  |  | 90,529
Restricted stock |  | Level 3 |  |  | 2,498 |  |  | 2,498 |  |  | 2,425 |  |  | 2,425
Loans, net |  | Level 3 |  |  | 2,246,072 |  |  | 2,259,411 |  |  | 2,141,527 |  |  | 2,181,103
Investments in unconsolidated subsidiaries |  | Level 3 |  |  | 1,165 |  |  | 1,165 |  |  | 1,165 |  |  | 1,165
Accrued interest receivable |  | Level 2 |  |  | 12,661 |  |  | 12,661 |  |  | 13,951 |  |  | 13,951
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | Level 3 |  |  | 310,818 |  |  | 312,873 |  |  | 356,408 |  |  | 355,340
Securities sold under agreements to repurchase |  | Level 2 |  |  | 51,354 |  |  | 51,354 |  |  | 44,433 |  |  | 44,433
Subordinated debentures |  | Level 3 |  |  | 37,616 |  |  | 31,507 |  |  | 37,583 |  |  | 31,959
Accrued interest payable |  | Level 2 |  |  | 821 |  |  | 821 |  |  | 1,132 |  |  | 1,132

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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